Glossary

Abatement for Misreported Foreign Tax Credits involves correcting errors related to the reporting of foreign tax credits on tax returns to avoid penalties.

The CP254A penalty is imposed by the IRS for incorrect reporting of quarterly business income. This entry explores the penalty, its implications, and how to avoid it.

Relief for Overstated Dependent Exemptions helps taxpayers correct errors related to claiming too many dependents on their tax return.

The waiver for duplicate W-2 income reporting helps taxpayers avoid penalties when correcting errors in duplicate income reporting, ensuring accurate tax compliance.

The CP182A penalty is triggered by filing duplicate quarterly reports, leading to fines and mandatory corrective actions.

Abatement for Overstated Foreign Income Deductions helps correct errors when foreign income deductions are claimed excessively, reducing penalties and maintaining compliance.

The CP176 notice is issued for penalties related to incorrect tax refund calculations. It informs taxpayers of discrepancies and associated penalties.

Discover what to do if you've overstated self-employment expenses on your taxes, including possible relief and correction methods.

The Waiver for Misreported Energy Efficiency Credits aids taxpayers in rectifying errors related to energy efficiency credits claimed incorrectly on tax filings.

The CP245 penalty is levied by the IRS on taxpayers who submit incorrect or incomplete Taxpayer Identification Numbers. This penalty aims to enforce accurate reporting of taxpayer information.